Major cryptocurrencies experienced a significant surge on Tuesday evening, following a rapid decline and subsequent rebound in their prices. However, this volatile market movement has resulted in substantial losses for traders, with Coinglass data revealing liquidation losses amounting to a staggering $106 million in the past 24 hours.
The market experienced a significant downturn on Monday, triggering the first round of liquidations. This was primarily driven by concerns surrounding FTX’s potential sale of its crypto holdings. Bitcoin witnessed a sharp decline, falling below $25,000, a level not seen since mid-June. Similarly, Ether recorded its lowest price in six months.
